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Financial Times: George Osborne’s “shares for workers’ rights” initiative could end up costing Britain £1 billion a year in lost revenues, the Office for Budget Responsibility has warned.

Financial Times: HSBC and Standard Chartered, the two biggest UK banks by market value, are to pay more than $2.5 billion in fines as part of record settlements with US authorities over money laundering allegations.

Financial Times: UK authorities are prepared to “trust” their US counterparts the next time a big American financial company with large London operations runs into financial trouble and will refrain from seizing local assets and capital, said Paul Tucker, the deputy governor of the Bank of England.

The Independent: Lengthy antitrust regulatory processes in China and South Africa have forced commodities trader Glencore to delay the date for completion of its tie-up with miner Xstrata until the end of January.

The Daily Telegraph: Google managed to halve its tax bill last year and avoided $2 billion of global income levies by funnelling most of its profits through Bermunda, regulatory filings show.

Financial Times: ThyssenKrupp fell to a €5 billion full-year net loss after booking a €3.6 billion writedown on steel plants in Brazil and the US that have become the most disastrous investments in the history of the German steel and technology conglomerate.

The Guardian: BAE Systems has been awarded a £1.2 billion contract to build a nuclear-powered submarine, HMS Audacious, for the Royal Navy; another £1.5 billion has been committed for another three submarines of the same class.

Financial Times: The US Treasury has agreed to sell its remaining 234 million shares in AIG, the insurance group whose 2008 bailout was the most contentious in the US for the way it funnelled billions of dollars to Wall Street banks.

Financial Times: HSBC has completed the $800 million sale of some of its central American operations to Banco Davivienda, Colombia’s third-biggest bank by assets.

The Daily Telegraph: A whistleblower at the centre of bribery allegations concerning Rolls-Royce claims he was left feeling "depressed" and "cheated" by his experiences at the FTSE 100 manufacturer.

Financial Times: Sir Richard Branson on Monday signalled he is not planning to relinquish control of Virgin Atlantic, as Delta Air Lines of the US closes in on a deal to buy a 49% stake in the UK carrier.

Financial Times: Financier Nat Rothschild on Monday said he had secured $342.5 million in new equity capital for Bumi, the FTSE miner, as investors line up behind his proposal to restructure the group.

The Daily Telegraph: Nalin Rathod, chief executive of troubled miner Bumi, is expected to stand down as the board meets to discuss its future and an investigation into "irregularities".

Daily Mail: An agreement to restructure UK Coal has saved 2,500 jobs at the mining company, as well as around 3,000 roles among suppliers; the announcement also pushed shares 25% higher.

The Guardian: Pizza Hut Delivery says it wants to expand to 700 stores in the UK with a multimillion-pound investment that could create up to 2,000 jobs.

The Daily Telegraph: Britain's beleaguered high streets have suffered another blow after shoe shop chain Stead & Simpson announced that it is closing 90 shops.

Financial Times: STMicroelectronics, Europe’s largest semiconductor maker by sales, is to quit its loss-making wireless chip joint-venture with Ericsson, the Swedish telecoms business, to focus instead on its existing analogue and digital chips for cars, computers and consumer electronic devices.

Financial Times: The US’s top auditing firms such as Deloitte & Touche, Ernst & Young and PwC are failing to adequately sign off on some companies’ accounting controls, the country’s industry watchdog has warned in a report.

Business and economics

Financial Times: China will be the world’s largest economy by 2030 but the US will still remain “first among equals” in the international system, according to a new US government intelligence assessment of global trends.

Financial Times: Italy’s government borrowing costs jumped and its stock market fell sharply on Monday after Mario Monti’s weekend decision to resign as prime minister threatened to send a new shudder of uncertainty into the eurozone’s most vulnerable economies.

Financial Times: Japan has entered its fifth recession in 15 years just days before the December 16 election, which is expected to sweep the Democratic Party of Japan and Prime Minister Yoshihiko Noda from power.

Financial Times: Barack Obama’s top spokesman said the president believed a deal could be reached to avert the fiscal cliff and that he was willing to meet Republican demands for cuts to government healthcare programmes, but criticised Republicans for not offering a detailed plan on new revenue.

Financial Times: Tin prices jumped more than 5% to above $23,000 a tonne on the London Metal Exchange amid frantic trading on Monday as buyers reacted to falling inventories and supply problems.

Financial Times: Saudi Arabia has revealed that a cyber attack against its giant oil industry, Saudi Aramco, earlier this year aimed to stop crude oil and gas supplies, highlighting the devastating impact the virus could have had on global markets.

The Independent: The "Olympic effect" is still boosting sales of British brands across Asia, months after the closing ceremony, with South Korea's biggest department store chain, Lotte, seeing a $50 million rise in UK companies' sales thanks to the Games.

The Guardian: Opel is to shut down its plant at Bochum in Germany in 2016 when the GM-owned manufacturer stops making its Zafira model.

Financial Times: KBC, Belgium’s largest financial group, on Monday said it would sell €1.23 billion worth of shares, as part of a broader effort to pay back the state aid it received during the global financial crisis.

Financial Times: Sir Richard Lapthorne has launched a staunch defence of Cable & Wireless’s controversial executive incentive scheme and blamed a decline in shareholder returns since the group demerged in 2010 on problems at Cable & Wireless Worldwide, which was sold this summer to Vodafone.

The Independent: AG Barr has served up a refreshing set of figures ahead of its planned £1.5 billion merger with Britvic; The Irn-Bru maker said its revenues increased by 9% during the 18 weeks up to December, with volumes rising 6.6%.

Financial Times: Ingersoll-Rand will spin off its security business and raise debt to fund a $2 billion share buyback after coming under pressure to reshape its business from Nelson Peltz, the activist investor.

The Daily Telegraph: Resolution will pay £7.5 million to its advisory arm to simplify the insurance industry investment vehicle's governance structure.

Daily Mail: High Street bank Santander has suspended its advisers from giving investment advice for six weeks with immediate effect with 800 staff packed off for re-training.

The Guardian: Sweeping management changes are under way at Man, the troubled hedge fund manager, which has announced the departure of chief executive Peter Clarke after an 87% fall in the share price since 2008.

Financial Times: Pace, the UK maker of TV set-top boxes, has stepped forward as the first public bidder for Google’s set-top box business, setting the stage for a deal that could far exceed the British company’s own stock market value.

The Independent: The waste management group Shanks has won a contract to recycle 15,000 tons of glass for the brewer Heineken – the equivalent of nine million 330ml bottles.

The Guardian: Ken McMeikan, the boss of Greggs who led a campaign that defeated the government over a proposed "pasty tax", is quitting to take the top job at Brakes Group, a private equity-backed catering firm.

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The Daily Telegraph: Michael Bloomberg, the media entrepreneur and mayor of New York, is reported to be interested in buying The Financial Times Group, publisher of the leading financial newspaper which also owns half of The Economist.

Financial Times: Eurasian Natural Resources Corporation has agreed a $550 million all-cash deal to take full control of a group of copper and cobalt mines in the Democratic Republic of Congo, in a move that will spell the end of the miner’s controversial joint venture with Dan Gertler, the Israeli billionaire.

The Independent: French luxury goods group PPR has snapped up China’s answer to Tiffany – a Chinese jewellery brand called Qeelin.

Financial Times: Fusionex, a Malaysian software company, defied a lacklustre London stock market and raised £12 million in an initial public offering on Aim.